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ETH 关键事实
欧洲证券和市场管理局（ESMA）于周五发布了一份证据征集公告，旨在探讨欧盟中央对手方（CCP）是否可以安全地使用代币化抵押品。
该文件重点询问了清算所如何访问、转移并将代币化抵押品兑换为现金，特别是在清算会员违约的情况下。反馈意见的截止日期为2027年1月15日，ESMA计划于2027年第一季度对收到的反馈进行评估。
监管机构在周五表示，ESMA已向行业征询意见，以确定欧盟清算所在清算会员违约等情况下，能否安全地接受代币化抵押品。此次审查主要针对中央对手方，这些机构在已清算交易中充当买卖双方的中介，并依赖抵押品来吸收成员违约带来的损失。ESMA强调，本次审查并非重新评估或扩大清算所可接受的抵押品资产类别。
“证据征集的目的并非重新评估或扩展作为中央对手方合格抵押品的资产类别本身，”ESMA在文件中写道。相反，其核心问题是：将原本符合资格的抵押品进行代币化，是否会改变其风险特征。文件涵盖的标的包括代币化证券（既有资产的数字孪生以及在分布式账本技术（DLT）上原生发行的工具），以及代币化现金（如代币化存款、电子货币代币和稳定币）。
"Tokenization is expected to make Europe's financial markets more efficient, integrated and innovative," ESMA Chairman Verena Ross said in a statement.
ESMA warns of double pledge and liquidity risk
The document lists several risks that may arise from tokenization. ESMA noted that any differences between token records and the official records of underlying assets "could lead to risks such as double pledges, inconsistent ownership or control records."
In addition, the document points out the following uncertainties: whether token transfers represent a transfer of ownership, possible gaps between the finality of operational settlement and legal settlement, and liquidity risks posed by relying on the redemption process when converting to cash or stablecoins that may deviate from face value.
The solicitation asked 30 questions for clearing houses, clearing members and their customers, market infrastructure providers and tokenized companies, but any interested party can respond. The feedback deadline is January 15, 2027, and ESMA will evaluate these feedbacks in the first quarter of 2027 and then decide on next steps.
This review is a continuation of recent rigorous scrutiny by international and EU regulators on tokenization and the relevance of cryptocurrencies to traditional finance. International Monetary Fund staff said on Thursday that the tokenized market remains small, with insufficient liquidity and higher volatility than traditional markets. Previously, ESMA also listed the link between cryptocurrencies and traditional finance as a potential risk in the EU market in September.
